For economists, "myopia" refers to:
A. visual nearsightedness.
B. people's difficulty in conceptualizing the future.
C. people's tendency to put too much emphasis on the future and ignore important present
concerns.
D. people's tendency to focus on microeconomic concerns because of an inability to
conceptualize macroeconomics.
Answer: B
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If the Fed wants to lower the nominal interest rate in the long run, the Fed ________ the growth rate of the quantity of money
A) raises B) first lowers and then raises C) lowers D) does not change E) None of the above answers is correct because the premise of the question is wrong since the Fed cannot affect the nominal interest rate, only the real interest rate.
Moving along the total product curve, which of the following is held constant?
A) quantity of labor B) total product C) technology D) total cost E) None of the above answers is correct.